Junior explorers seem to be bucking the broader Australian Securities Exchange (ASX) downturn this week, with manganese-focused Black Canyon (ASX:BCA) climbing 12.28% in intraday trading today (21 October).
The S&P/ASX 200 fell another 11.30 points just after noon AEDT, extending yesterday’s losses and erasing gains made after reaching a 20-day high earlier in the week.
As reported, the index fell 0.52% yesterday after gaining 0.21% on Monday. It had risen 0.48% over the five trading sessions before this week and was up 1.28% year to date.
Today’s decline has pushed the index below its 200-day moving average, although it remains up 0.89% over the past five trading sessions and 1.05% year to date.
Six of the 11 sectors are performing higher today, although the Materials sector is down 0.51%.
Like some junior miners, mining giant Northern Star Resources (ASX:NST) appears to be bucking the broader market downturn, ranking as the fifth-highest gainer on the index today.
Northern Star shares have jumped 3.78% today (at time of writing), with shares now trading at $25.55 each.
The company reported a 7.2% increase in first-quarter revenue from gold sales, as reported by Mining.com.au.
Juniors defy market weakness
Black Canyon is a standout performer today, rising sharply despite broader weakness across the resources sector.
The 12.28% gain lifted Black Canyon’s share price to $0.32, up from yesterday’s closing price of $0.285.
Black Canyon has 168.04 million shares on issue with a market capitalisation of $47.89 million.
Meanwhile, Orpheus Uranium (ASX:ORP) is pushing 7.32% higher (at time of writing), with shares now at $0.088 each.
Yesterday, Orpheus closed at $0.082 per share, with today’s share price rise following reports of rock-chip samples grading up to 4.1% triuranium octoxide at the McArthur Project in the Northern Territory.
The company has 399.34 million shares on issue and a market capitalisation of $32.74 million.
Finally, Trek Metals (ASX:TKM) is trading 4.26% higher today at $0.049 per share.
The company previously closed at $0.047 per share and has 731.17 million shares on issue, giving it a market capitalisation of $34.36 million.
Trek Metals has been listed on the ASX since July 2007 and is focused on unlocking value in underexplored regions.
Write to Maddison Elliott at Mining.com.au
Main Image: ASX
